The future reality for firms is in stark contrast to the situation before the pandemic, as Viv Williams explains
When I was asked to write this article, the covid-19 pandemic had not yet the impact we’re seeing today. Where were we? Back then, the profession was facing severe difficulties in any event with succession still the dominant topic.
Mergers and consolidation were becoming hot topics with firms recognising that they could no longer continue as they were. Ageing owners and dwindling profitability were slowly taking their toll and many small firms were
seeking merger partners.
Sadly, many of these were unattractive to potential buyers and their only solution seemed to be controlled closure. The cost of this would be devastating for the current owners who had spent 30 years building a business no one wanted.